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Old April 10th, 2016, 03:39 PM
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Default Re: Third Party Transfer In PNB

Punjab National Bank is an Indian multinational banking and financial services company. It is a state-owned corporation based in New Delhi, India.

Founded in 1894, the bank has over 6,300 branches and over 7,900 ATMs across 764 cities

Well buddy the PNB provide the NEFT service for the transfer of money to the 3rd person

NEFT stands for ‘National Electronic Funds Transfer’.

NEFT system is a nation wide funds transfer system to facilitate transfer of funds from any bank branch to any other bank branch

Individuals, firms or corporates maintaining accounts with a bank branch can transfer funds using NEFT.

Even such individuals, firms or corporates who do not have a bank account (walk-in customers) can also deposit cash at the NEFT enabled branch with instructions to transfer funds using NEFT.

Such customers have to furnish full details including complete address, telephone number, etc.

NEFT, thus, facilitates originators or remitters to initiate funds transfer transactions even without the need for having a bank account.

Money transfer Limit

Minimum – No limit

Maximum – Rs. 500.00 lacs

NEFT Process

You have to fill in the NEFT Application from giving the particulars of the beneficiary (like, name of the beneficiary, name of the bank branch where the beneficiary has an account, IFSC of the beneficiary bank branch, account type and account number)

You have to authorizes the branch to remit the specified amount to the beneficiary by raising a debit to the remitter’s account.

After that the money is send to the concerned person account
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